The business world is changing rapidly and Cyprus has to be in alignment rather than an exhausted follower, according to analysts.
Keeping ahead of trends in the labour market and predicting the future are key prerequisites for improving the adaptability of human resources and creating an efficient and flexible labour market.
Phileleftheros reported that recent research on LinkedIn professional social platform focuses on jobs expected to be dominant in coming years and top on the list is “artificial intelligence experts”. Because, it noted, more and more industries and companies are keen to increase their technological innovation.
In addition to IT, the industries with the highest absorption of such expertise, at fast rates too, are financial services, computer software and research over new systems.
LinkedIn research also shows that this rapid development of technology has transformed the workplace, for example the demand for artificial intelligence specialists now is 18 times higher than the one recorded a few years back.
At the same time, rising privacy concerns and the application of rules such as the European Data Protection Regulation explains the growing demand for data protection officers.
In Cyprus, the situation is not much different from the one described by the LinkedIn platform, Phileleftheros also reported. Information technology (IT) technicians and programmers are at the forefront of demand for companies which are now turning to digital transformation.
Even commercial banks are currently investing in employees with expertise in technology even though their goal is to reduce staff numbers through voluntary retirement schemes.
A Human Resources Development Authority report analyses the Cyprus economy’s employment needs in sectors of economic activity and occupation by the year 2027.
And it shows that top-level occupations with the highest employment needs are assistant accountants, legal, loan and credit officers, application developers and lawyers. These professions are in great demand today as well, although statistics record ups and downs.
According to the Employment Statistics Office, there was a decrease in the number of employees in the financial and insurance business sector in the third quarter of 2019.
At the same time, the number of employees in sectors most affected by the financial crisis such as advertising and communication is gradually rising.